The weekend saw trading volumes flattening as Bitcoin returned to sub-$20K. Can this week see gains within the cryptocurrency market?
- BTC and ETH recorded solid weekly increases as they crossed critical support levels.
- AAVE and Ether rallied due to renewed bullish strength and high social sentiment.
- RUNE and Quant also recorded upticks, but will they maintain the stance this week?
The latest bullish momentum catalyzed impressive weekly gains within the crypto market. However, are the recent surge a recovery for the mark or another fakeout. Here are the top digital assets to keep on your watch list this week.
Bitcoin (BTC)
Bitcoin overpowered the critical $21,400 on 7 July, but bulls failed to maintain the bullish strength beyond $22K. The assets retracement from $22.5K showed bears still dominated the market.
Meanwhile, the daily chart shows Bitcoin recorded green candlesticks for six successive days as the Relative Strength Index remained elevated. A surging RSI confirms increasing buying momentum within the marketplace following buyer dominance.
The daily RSI indicated that buyers regained market strength until 8 July. However, bears guarded the resistance at $22,500, reversing the bullish pressure. Bitcoin’s trajectory remains crucial this week as massive market upticks would rely on BTC’s track.
The latest gains had many trusting BTC hit its bottom. However, analysts at CryptoQuant warned traders and investors to proceed with caution. For instance, Funding Rates remain near zero.
Generally, the funding rate declines and climbs whenever Bitcoin bottoms. That didn’t occur during the latest $17,600 low.
Ethereum (ETH)
Though the weekend witnessed decent profit-booking following the pre-macro event warning, Ethereum’s technical depicted a bullish case, suggesting possibilities of a breakout to the $1,700 highs.
The latest article by FXEmpire’s Joel Frank suggests a move past $1,280 would clear the road from ETH’s swift inclines to the 50DMA near $1,440.
While publishing this content, ETH traded near $1,163, dropping 4.26% within the previous day. Nevertheless, the alt saw decent actions last week, gaining more than 10% over the week. A near-term push by bulls can propel ETH beyond $1,200 before targeting higher moves.
Aave (AAVE)
AVE bulls triggered recoveries beyond the 50-day SMA beneath the $80 level on 9 July. The buying momentum surge confirmed a possible trend shift. Considering the RSI within the positive region and AAVE’s 36.47% weekly surge, bulls targeted a regime over the mark.
The altcoin might meet challenges around the $85 and $93 levels during the week. A bullish push beyond these resistances would place AAVE on a solid recovery path.
Quant (QNT)
Quant (QNT) presented impressive gains over the previous week as overall markets saw increased momentum. QNT’s optimist trajectory suggests the alt could have bottomed. Significant price surges propel the alt beyond $77 after nearly two months.
For now, QNT wavers beyond $76. Extended bullish momentum this week would see the alt eyeing the crucial value areas at $89, then $100.
THORChain (RUNE)
RUNE changed hands at $2.27 during this publication, losing 4.64% within 24 hours. Nevertheless, the alt saw attractive gains last week, closing seven days with a 25.94% jump. RUNE’s price revealed constricted range-bound actions between $1.77 and $2.40 since 12 June.
A move beyond the resistance at $2.50 could see the token regaining momentum (in the near term). An RSI surge denoting increased buying momentum might indicate a trend shift this week.